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*THIS REPLICATION FILE REPORT ALL TABLES AND FIGURES IN THE MAIN PAPER*
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*STATA VERSION: STATA 17 


* IMPORTANT NOTICE: PLEASE SET YOUR WORKING DIRECTORY TO YOUR DESIGNATED FOLDER. THIS IS THE CRITICAL STEP TO ENSURE THE SUCESS OF REPLICATING THE RESULTS

global path " " // Put your path to the folder here.



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********************* Table 1 ****************************
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est clear


use "$path/Land_Price_Data.dta", clear 


*** model 1

eststo: xi: reghdfe log_price gpc lpc le npc cppcc pc_percent log_meanprice i.auction log_area logtotal_asset logtotal_employee logtotal_debt, ab(land_purpose year land_level firmid cityid usage_year ind) vce(cluster firmid cityid) keepsin

*** model 2
eststo: xi: reghdfe log_price gpc lpc le npc cppcc gov_friend relative_pc i.auction pc_percent log_meanprice log_area logtotal_asset logtotal_employee logtotal_debt, ab( land_purpose year land_level firmid cityid usage_year ind) vce(cluster firmid cityid) keepsin


*** model 3
eststo: xi: reghdfe log_price gpc lpc le npc cppcc gov_friend relative_pc i.auction pc_percent log_meanprice log_area logtotal_asset logtotal_employee logtotal_debt, ab( land_purpose year land_level firmid cityid usage_year ind ownership) vce(cluster firmid cityid) keepsin

*** model 4

eststo: xi: reghdfe log_price gpc lpc le npc cppcc gov_friend relative_pc i.auction head pc_percent log_meanprice log_area logtotal_asset logtotal_employee logtotal_debt, ab( land_purpose year land_level firmid cityid usage_year ind ownership) vce(cluster firmid cityid) keepsin



***** Create Table 1
esttab using "$path/Table_1.tex", ///
se label replace star(* 0.10 ** 0.05 *** 0.01) b(%9.3f) keep(gpc lpc le npc cppcc) title(Effects of Political Connections on Land Prices)

est clear



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********************* Table 2 ****************************
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use "$path/Auction_Data.dta", replace 


**** Invited Bidding and Bilateral Agreement 


*** model 1

eststo: xi: reghdfe auction gpc lpc le npc cppcc pc_percent logtotal_asset logtotal_employee logtotal_debt, ab(land_purpose land_level firmid cityid year usage_year ) vce(cluster firmcluster) keepsin

*** model 2

eststo: xi: reghdfe auction gpc lpc le npc cppcc gov_friend relative_pc pc_percent logtotal_asset logtotal_employee logtotal_debt, ab(land_purpose land_level firmid cityid year usage_year ) vce(cluster firmcluster) keepsin

*** model 3

eststo: xi: reghdfe auction gpc lpc le npc cppcc pc_percent logtotal_asset logtotal_employee logtotal_debt, ab(land_purpose land_level firmid cityid year usage_year ownership) vce(cluster firmcluster) keepsin

*** model 4

eststo: xi: reghdfe auction gpc lpc le npc cppcc head pc_percent logtotal_asset logtotal_employee logtotal_debt, ab(land_purpose land_level firmid cityid year usage_year) vce(cluster firmcluster) keepsin


**** Two stage Auction

*** model 5

eststo: xi: reghdfe two_auction gpc lpc le npc cppcc pc_percent logtotal_asset logtotal_employee logtotal_debt, ab(land_purpose land_level firmid cityid year usage_year ) vce(cluster firmcluster) keepsin

*** model 6

eststo: xi: reghdfe two_auction gpc lpc le npc cppcc relative_pc pc_percent logtotal_asset logtotal_employee logtotal_debt, ab(land_purpose land_level firmid cityid year usage_year ) vce(cluster firmcluster) keepsin

*** model 7

eststo: xi: reghdfe two_auction gpc lpc le npc cppcc pc_percent logtotal_asset logtotal_employee logtotal_debt, ab(land_purpose land_level firmid cityid year usage_year  ownership) vce(cluster firmcluster) keepsin

*** model 8

eststo: xi: reghdfe two_auction gpc lpc le npc cppcc head pc_percent logtotal_asset logtotal_employee logtotal_debt, ab(land_purpose land_level firmid cityid year usage_year) vce(cluster firmcluster) keepsin


******** Create Table 2

esttab using "$path/Table_2.tex", ///
 booktabs se label replace star(* 0.10 ** 0.05 *** 0.01) b(%9.3f) fonttbl(\f0\fnil Arial; )          ///
keep(gpc lpc le npc cppcc ) title(Effect of Polititical Connections on Auction) ///
mgroups(A B, pattern(1 0 0 0 1 0 0 0)                   ///
prefix(\multicolumn{@span}{c}{) suffix(})   ///
span erepeat(\cmidrule(lr){@span}))         ///
alignment(D{.}{.}{-1}) page(dcolumn) nonumber modelwidth(3) varwidth(5)

est clear





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********************* Table 3 ****************************
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use "$path/Reserve_Price_Data.dta", clear


****** Reserve Price

*** model 1

eststo: xi: reghdfe log_startprice gpc lpc le npc cppcc pc_percent log_meanstartprice logtotal_asset logtotal_employee logtotal_debt log_area usage_year land_purpose, ab(auction_method year ownership land_level firmid cityid ind) vce(cluster firmcluster) keepsin

*** model 2

eststo: xi: reghdfe log_startprice gpc lpc le npc cppcc gov_friend relative_pc pc_percent log_meanstartprice logtotal_asset logtotal_employee logtotal_debt log_area usage_year land_purpose, ab( auction_method cityid year ownership land_level firmid ind) vce(cluster firmcluster) keepsin

*** model 3

eststo: xi: reghdfe log_startprice gpc lpc le npc cppcc head log_meanstartprice logtotal_asset logtotal_employee logtotal_debt log_area usage_year land_purpose, ab( auction_method cityid year ownership land_level firmid ind) vce(cluster firmcluster) keepsin



****** Premium Rate

use "$path/Premium_Data.dta", clear

*** model 4

eststo: xi: reghdfe premiumrate gpc lpc le npc cppcc pc_percent log_meanstartprice  land_purpose logtotal_asset logtotal_employee logtotal_debt log_area usage_year, ab( year cityid land_level ownership) vce(cluster firmcluster)

*** model 5

eststo: xi: reghdfe premiumrate gpc lpc le npc cppcc gov_friend relative_pc pc_percent log_meanstartprice  land_purpose logtotal_asset logtotal_employee logtotal_debt log_area, ab( year cityid land_level ownership) vce(cluster firmcluster)

*** model 6

eststo: xi: reghdfe premiumrate gpc lpc le npc cppcc head  pc_percent log_meanstartprice land_purpose logtotal_asset logtotal_employee logtotal_debt log_area, ab( year cityid land_level  ownership) vce(cluster firmcluster)



******** Table 3

esttab using "$path/Table_3.tex", booktabs se label replace star(* 0.10 ** 0.05 *** 0.01) b(%9.3f) fonttbl(\f0\fnil Arial; )          ///
keep(gpc lpc le npc cppcc) title(Effects of Political Connections on Land Reserve Price and Premium) ///
mgroups(A B, pattern(1 0 0 1 0 0 )                   ///
prefix(\multicolumn{@span}{c}{) suffix(})   ///
span erepeat(\cmidrule(lr){@span}))         ///
alignment(D{.}{.}{-1}) page(dcolumn) nonumber modelwidth(3) varwidth(5)



eststo clear




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********************* Table 4 ****************************
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use "$path/Stock_Data.dta", clear


*** model 1

eststo: xi: reghdfe cumulative_abnormal_return0 gpc lpc le npc cppcc logtotal_asset logtotal_employee logtotal_debt , ab(provid year ownership) vce(r) keepsin

*** model 2

eststo: xi: reghdfe cumulative_abnormal_return1 gpc lpc le npc cppcc logtotal_asset logtotal_employee logtotal_debt , ab(provid year ownership)  vce(r) keepsin

*** model 3

eststo: xi: reghdfe cumulative_abnormal_return2 gpc lpc le npc cppcc logtotal_asset logtotal_employee logtotal_debt , ab(provid year ownership) vce(r) keepsin

*** model 4

eststo: xi: reghdfe cumulative_abnormal_return3 gpc lpc le  npc cppcc logtotal_asset logtotal_employee logtotal_debt , ab(provid year ownership) vce(r) keepsin



******** Table 4

esttab using "$path/Table_4.tex", label replace compress star(* 0.10 ** 0.05 *** 0.01) /// 
keep(gpc lpc le npc cppcc) title(Effect of Anti-corruotion on Firms Stock Market Return)

est clear





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********************* Figures ****************************
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****** Figure 1 

use "$path/Land_Price_Data.dta", clear 



tab year, gen(t)
forvalue x=1/8 {
gen LPC_year`x'=lpc*t`x'
}



eststo: xi: reghdfe log_price gpc le pc_percent logtotal_asset logtotal_employee logtotal_debt LPC_year2-LPC_year8, ab(land_purpose land_level ind cityid firmid ownership usage_year) vce(r) keepsin



coefplot, vertical keep(LPC_year*) yline(0) recast(connected) ///
graphregion(color(white)) mcolor(black) lcolor(black black) ciopts(recast(rcap)lcol(black)) nolabels coeflabels(LPC_year2 = 2011 LPC_year3 = 2012 LPC_year4 = 2013 /// 
LPC_year5 = 2014 LPC_year6 = 2015 LPC_year7=2016 LPC_year8=2017) ytitle("Effect of LPCs") legend(order(2 "Coefficient/95% Confidence Interval"))


****** Figure 2 

use "$path/Auction_Data.dta", clear 



tab year, gen(t)
forvalue x=1/8 {
gen LPC_year`x'=lpc*t`x'
}



eststo: xi: reghdfe auction gpc le pc_percent logtotal_asset logtotal_employee logtotal_debt LPC_year2-LPC_year8, ab(land_purpose land_level ind cityid firmid ownership usage_year) vce(r) keepsin



coefplot, vertical keep(LPC_year*) yline(0) recast(connected) ///
graphregion(color(white)) mcolor(black) lcolor(black black) ciopts(recast(rcap)lcol(black)) nolabels coeflabels(LPC_year2 = 2011 LPC_year3 = 2012 LPC_year4 = 2013 /// 
LPC_year5 = 2014 LPC_year6 = 2015 LPC_year7=2016 LPC_year8=2017) ytitle("Effect of LPCs") legend(order(2 "Coefficient/95% Confidence Interval"))




